Gift taxation for individuals and HUFs turns on valuation rules, exclusions, and threshold-based treatment under income from other sources.

Taxability under the head Income from Other Sources applies to gifts received by an individual or Hindu undivided family during the specified period when money or specified property is received from any person without consideration, or for inadequate consideration, and the prescribed threshold is exceeded. Different valuation rules apply to money, immovable property, and designated movable properties, while express exclusions apply for receipts from relatives, marriage, inheritance, wills, death-bed transfers, specified authorities, and approved institutions.

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